Los Angeles celebrates the 20th anniversary of the Contract of the Century

Posted on September 20, 2014

The Consulate General of Azerbaijan in Los Angeles and the School of Engineering of the University of Southern California (USC) co-hosted an event dedicated to the 20th anniversary of the Contract of the Century.
The Contract of the Century is a $7.4 billion production sharing agreement, which was signed on September 20, 1994 between Azerbaijan and various American and other major oil companies regarding the development of Azerbaijan’s oil fields in the Caspian Sea.
Titled “Contract of the Century: 20 years of successful Azerbaijan-U.S. cooperation”, the event at the USC was attended by students and professors of the university, and others.
Speaking at the event, Azerbaijan’s Consul General Nasimi Aghayev highlighted the tremendous role President of Azerbaijan (1993-2003) and national leader Heydar Aliyev played in the realization of the Contract of the Century and in the development and implementation of the country’s oil strategy. The Consul General noted that thanks to Heydar Aliyev’s efforts a legend became a reality and an era of progress and modernization was launched in the history of independent Azerbaijan. Nasimi Aghayev said that the national leader’s oil strategy has been successfully continued under President Ilham Aliyev, and consequently Azerbaijan has become a major political and economic power in the region. Speaking of Azerbaijan’s multifaceted relations with the United States, the Consul General stressed the crucial role the Contract of the Century played in the strengthening of the bilateral cooperation between the two countries.
Speaking afterwards, Professor Fred Aminzadeh of the USC informed the audience about the Azeri-Chirag-Guneshli oil fields, which are covered by the Contract of the Century.
The event was concluded with the performance of Azerbaijani songs and dances.